GDP Handles Household Production by

question 46

Multiple Choice

GDP handles household production by

• A) including it in real GDP but not in nominal GDP because there are no prices paid for the work.
• B) estimating a dollar value of the goods purchased to do housework.
• C) ignoring it.
• D) estimating a dollar value of the services provided.
• E) including it in exactly the same way that all other production is included.

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Definitions:

Single Sourcing

The procurement strategy of buying a particular type of product or service from only one supplier.

Buyer-supplier Partnerships

Collaborative agreements between companies that purchase goods and services and their suppliers to improve or maintain a certain level of product or service.

Purchasing Organization

An entity within a company responsible for acquiring goods and services needed for business operations.

Supply Management Trends

The emerging patterns and shifts in practices related to procuring, managing, and optimizing an organization's supply chain to enhance efficiency, reduce costs, and improve relationships with suppliers.